Dogecoin Analyst Sees $1 Target as Achievable, Cites Precedent

Analyst VirtualBacon believes Dogecoin's $1 target is achievable this cycle, citing precedent set by Ethereum, XRP, and Solana clearing their prior records. The analyst pointed out that Dogecoin sits only slightly above its previous all-time high, making it a relatively small ask to reach the next milestone.

To make a higher all-time high happen, VirtualBacon says it's possible, but he doesn't expect Dogecoin to run much past $1. He emphasized that reaching $1 would require sustained retail participation and spot activity staying elevated for months, with DOGE outperforming Bitcoin.

The analyst also highlighted four conditions that need to align: sustained retail participation, DOGE outperforming Bitcoin, higher highs and lower lows surviving profit-taking on the way up, and futures speculation staying manageable. Currently, Dogecoin is trading around $0.084, with a market cap of approximately $13.1 billion based on its circulating supply.

For context, reaching $1 would push Dogecoin's market cap to around $155.9 billion, which is roughly 11 times larger than its current market capitalization. The analyst also noted that Bitwise plans to liquidate its Dogecoin ETF, BWOW, on October 14, and cash distributions will follow on October 22.